Republican Senators Request Loans for Coal

by | Apr 27, 2020

A group of 17 Republican senators signed onto a letter to Federal Reserve Chairman Jerome Powell, asking that he not exclude fossil fuel companies from the $454 billion corporate loan program created under the CARES Act. The bond-purchasing part of that program is being administered by the global investment management corporation BlackRock, which earlier this year announced it would remove fossil fuel investments from its discretionary active investment portfolios. Environmental groups have urged Black Rock to weigh climate risk when administering the CARES Act program as well. Senators backing the coal bailout say that “BlackRock must act without regard to this or other investment policies BlackRock has adopted for its own funds.” Status: Letter sent April 7, 2020.

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Amy Westervelt is the editor-in-chief of Drilled News, creator and host of the Drilled podcast, and founder of the Critical Frequency podcast network, named AdWeek's Podcast Network of the Year in 2019. An award-winning print and audio journalist, Amy has contributed to The Guardian, The Wall Street Journal, and The Washington Post, as well as KQED, The California Report, Capital Public Radio, and many other outlets. She is the 2015 winner of the Rachel Carson award for "women greening journalism," and a 2016 winner of an Edward R. Murrow award for her series on the impacts of the Tesla Gigafactory in Nevada. In 2019, the Drilled podcast won the Online News Association's "Excellence in Audio Storytelling" award.

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Emily J. Gertz is senior editor of Drilled News. A longtime environmental reporter and editor, her work has appeared in HuffPost, Reveal, Arctic Today, The Guardian, Popular Science, Scientific American, Sierra, and more.